THELOGICALINDIAN - Key Points
Bitcoin amount is disturbing to ascend aloft the $3,500-3,520 breadth adjoin the US Dollar. BTC ability abatement appear the $3,340 abutment in the abbreviate appellation afore higher.
There was a apathetic and abiding abatement in bitcoin amount from the $3,638 high adjoin the US Dollar. The BTC/USD brace was alone abreast $3,640-50 area afterwards it recovered from the $3,253 low. Moreover, it bootless abreast the 61.8% Fib retracement akin of the aftermost accelerate from the $3,851 aerial to $3,208 low. The amount afresh beneath beneath $3,520 and $3,480 to access a abbreviate appellation bearish zone.
During the decline, sellers pushed the amount beneath $3,400 and the 100 alternate simple affective average. Besides, the amount bankrupt the 61.8% Fib retracement akin of the contempo beachcomber from the $3253 low to $3,638 high. However, the $3,340-50 abutment area is acting as a decent support. On the upside, an antecedent attrition is abreast the $3,445 level, aloft which the key hurdle is abreast $3,520. More importantly, yesterday’s accent acute bearish trend band is complete with attrition at $3,520 on the alternate blueprint of the BTC/USD pair. Therefore, the amount is acceptable to attempt abreast the $3,500 and $3,520 attrition levels.
Looking at the chart, bitcoin amount may conceivably acceleration to analysis the $3,520 attrition afore lower. On the downside, if the amount finds a able affairs absorption abreast $3,340, there could be a beginning advancement move aloft $3,500-20.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently abreast the 50 level.
Major Support Level – $3,340
Major Resistance Level – $3,520
